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Solana (SOL) broke through the $200 price level on the back of a win by United States Republican presidential candidate Donald John Trump.
Market data shows that Solana is trading at nearly $204 at the time of writing, after seeing its price skyrocket over the trading day. Over the last 24 hours, Solana’s price increased by 8.85%, while over the last seven days by 21.3%.
Trump’s role in the crypto rally
The gains follow Trump’s recent victory in the elections, which was seen as the more favorable outcome for the crypto industry. Trump had a much clearer stance on cryptocurrencies compared to his Democrat opponent Kamala Harris, and actually has skin in the game.
Last month Trump announced the sale of his World Liberty FInancial (WLF) token, which aims to become a decentralized finance (DeFi) platform. The project already announced the intention to to create an instance of DeFi protocol Aave (AAVE) on Solana’s older brother Ethereum (ETH).
Ethereum also enjoyed a major updraft. At the time of writing, ETH is trading at $2,930—its highest price since August—after increasing by 4.2% over the last 24 hours and over 15% over the last seven days.
Trump had explicitly descibed himself as the “crypto candidate” and promised favorable regulation and even proposing the creation of a U.S. Bitcoin reserve if elected. This partly explaines the Bitcoin bull run that caused Bitcoin to skyrocket to new all-time highs and trade at over $76,000 at the time of writing following his election.
The report also follows United States publicly-traded cryptocurrency exchange Coinbase bringing Bitcoin to Solana. According to a Nov. 7 announcement, the new cbBTC token “is backed 1:1 by Bitcoin (BTC) held in custody by Coinbase.” The announcement reads:
“This is the first token Coinbase has issued on Solana, and with it, we’re excited to bring easy access to BTC. “
